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(Sharecast News) - Shipping services firm Clarksons said on Thursday that it has bought Zuma, a technology provider serving stakeholders in the Forward Freight Agreement (FFA) and commodities markets, for an undisclosed sum.
Founded in 2020, Zuma was created to meet the rising demand for data and the growing appetite among FFA participants to leverage technology for a more efficient approach to trading, Clarksons said.
The company's flagship product, Venetian, is a hybrid voice and electronic application that provides market participants with the ability to collect, record and distribute live pricing within a single interface.
Clarksons said Venetian delivers advanced liquidity management and critical data insights for demanding markets. It is powered by Prism, Zuma's AI product, which gathers real-time intelligence from multiple sources enabling users to act on data quickly.
Chief executive Andi Case said: "Chase and the Zuma team showcase tools for trade with AI capabilities that unlock significant opportunities across our markets.
"Innovation has always been at the heart of our strategy, and this acquisition reinforces our commitment to technology enhanced engagement, growth, and delivering on the evolving needs of all market brokers and their clients in an increasingly complex global trading environment."
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